SteelMint’s daily steel billet index is assessed at INR 39,700/tonne (t) (- INR 50/t) exw-Raipur on 6 Dec’21.
About 6,850 t of transactions in billets were recorded by SteelMint today against 2,000 t on 4 Dec.
Although the index fell, trade volumes improved in the spot market in the expectation that prices have bottomed out, following improved enquiries for finished steel products especially wire rods in the Raipur market. Market participants are expecting a slight change in prices, although if demand improves fast prices may starting edging up soon.
- This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Twelve trades were recorded in the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. Out of which four trades were recorded at INR 39,700/t, three deals at INR 39,600/t, two deals at INR 39,500/t, and one deal each at INR 39,850/t, INR 39,800/t, and INR 39,400/t. The average price of these twelve transactions was INR 39,663/t and given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 39,691/t and given a 50% weightage in the final price calculation.
The final price for billet exw Raipur was at INR 39,677/t, rounded to INR 39,700/t exw.
Click for detailed methodology
T1: Trade
T2: Offer/Bid/Indicative
Leave a Reply